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Corporate Scorecard
Top Practices in 2002
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Mergers and Acquisitions
| Counsel to Principals |
| Firm |
Value of Deals
(in Millions) |
Rank by Value of Deals (2002) |
Number of Deals |
| Sullivan & Cromwell |
$82,505 |
1 |
20 |
| Linklaters |
79,053 |
2 |
13 |
| Wachtell, Lipton, Rosen & Katz |
71,353 |
3 |
30 |
| Cadwalader, Wickersham & Taft |
66,937 |
4 |
5 |
| Skadden, Arps, Slate, Meagher & Flom |
65,657 |
5 |
62 |
| Mannheimer Swartling |
65,263 |
6 |
5 |
| Cleary, Gottlieb, Steen & Hamilton |
37,788 |
7 |
15 |
| Gibson, Dunn & Crutcher |
32,216 |
8 |
26 |
| Weil, Gotshal & Manges |
30,069 |
9 |
31 |
| Simpson Thacher & Bartlett |
27,905 |
10 |
26 |
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| Counsel to Advisors |
| Firms |
Number of Deals |
Rank by Number of Deals (2002) |
Value of Deals
(in Millions) |
| Dewey Ballantine |
27 |
1 |
$23,801 |
| Sullivan & Cromwell |
20 |
2 |
24,926 |
| Shearman & Sterling |
15 |
3 |
25,191 |
| Latham & Watkins |
14 |
4 |
11,913 |
| Cravath, Swaine & Moore |
12 |
5 |
15,362 |
| Debevoise & Plimpton |
12 |
5 |
24,951 |
| Simpson Thacher & Bartlett |
12 |
5 |
30,189 |
| Fried, Frank, Harris, Shriver & Jacobson |
11 |
8 |
18,786 |
| Skadden, Arps, Slate, Meagher & Flom |
11 |
8 |
72,694 |
| Gibson, Dunn & Crutcher |
8 |
10 |
126,883 |
| Source: Corporate Counsel Alert and firms. Includes only deals announced in 2002 valued at $150 million or more, and in which at least one of the principals was a U.S. corporation. See the methodology for more details. |
Equities by U.S. Corporations
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
26 |
1 |
$5,204 |
| Simpson Thacher & Bartlett |
25 |
2 |
10,476 |
| Vinson & Elkins |
18 |
3 |
3,112 |
| Hogan & Hartson |
17 |
4 |
3,071 |
| Sullivan & Cromwell |
16 |
5 |
5,736 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
50 |
1 |
$7,039 |
| Cleary, Gottlieb, Steen & Hamilton |
39 |
2 |
12,369 |
| Davis Polk & Wardwell |
37 |
3 |
16,136 |
| Shearman & Sterling |
30 |
4 |
15,739 |
| Skadden, Arps, Slate, Meagher & Flom |
30 |
4 |
9,295 |
| Source: Thomson Financial. Includes secondaries, convertible bonds, convertible and non-convertible preferred stock, and firmly underwritten rule 144a transactions offered in 2002. |
U.S. Equities by Foreign Corporations
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sullivan & Cromwell |
10 |
1 |
$2,711 |
| Simpson Thacher & Bartlett |
7 |
2 |
1,988 |
| Cleary, Gottlieb, Steen & Hamilton |
5 |
3 |
3,096 |
| Davis Polk & Wardwell |
5 |
3 |
3,446 |
| Cravath, Swaine & Moore |
4 |
5 |
2,718 |
| Shearman & Sterling |
4 |
5 |
554 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Davis Polk & Wardwell |
22 |
1 |
$7,534 |
| Shearman & Sterling |
21 |
2 |
12,041 |
| Simpson Thacher & Bartlett |
17 |
3 |
5,154 |
| Cleary, Gottlieb, Steen & Hamilton |
16 |
4 |
5,388 |
| Skadden, Arps, Slate, Meagher & Flom |
15 |
5 |
7,205 |
| Source: Thomson Financial. Includes secondaries, convertible bonds, convertible and non-convertible preferred stock, and firmly underwritten rule 144a transactions offered in 2002 in the U.S. market by non-U.S. companies. |
IPOs
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds (in Millions) |
| Vinson & Elkins |
6 |
1 |
$1,248 |
| Wilson Sonsini Goodrich & Rosati |
6 |
1 |
354 |
| Baker Botts |
3 |
3 |
173 |
| Freshfields Bruckhaus Deringer |
3 |
3 |
464 |
| Latham & Watkins |
3 |
3 |
439 |
| Simpson Thacher & Bartlett |
3 |
3 |
1,506 |
| Skadden, Arps, Slate, Meagher & Flom |
3 |
3 |
4,556 |
| Weil, Gotshal & Manges |
3 |
3 |
982 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Cravath, Swaine & Moore |
12 |
1 |
$3,731 |
| Davis Polk & Wardwell |
11 |
2 |
8,675 |
| Baker Botts |
10 |
3 |
991 |
| Wilson Sonsini Goodrich & Rosati |
10 |
3 |
1,717 |
| Skadden, Arps, Slate, Meagher & Flom |
9 |
5 |
1,524 |
| Source: Thomson Financial. Includes publicly registered IPOs by U.S. and foreign corporations offered in the U.S. marketplace in 2002. |
Investment-Grade Debt
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Helms Mulliss & Wicker |
105 |
1 |
$7,686 |
| Sidley Austin Brown & Wood |
91 |
2 |
26,134 |
| Orrick, Herrington & Sutcliffe |
79 |
3 |
3,463 |
| Sullivan & Cromwell |
70 |
4 |
46,752 |
| Mayer, Brown, Rowe & Maw |
54 |
5 |
3,646 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
275 |
1 |
$53,692 |
| Sullivan & Cromwell |
143 |
2 |
42,320 |
| Davis Polk & Wardwell |
128 |
3 |
110,295 |
| Cleary, Gottlieb, Steen & Hamilton |
120 |
4 |
35,908 |
| Stroock & Stroock & Lavan |
105 |
5 |
7,686 |
| Source: Thomson Financial. Includes publicly registered underwritten long-term offerings by U.S. corporations in 2002. |
High-Yield Debt
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Latham & Watkins |
17 |
1 |
$4,856 |
| Kirkland & Ellis |
11 |
2 |
2,664 |
| Gibson, Dunn & Crutcher |
8 |
3 |
2,437 |
| Mayer, Brown, Rowe & Maw |
7 |
4 |
1,445 |
| Paul, Weiss, Rifkind, Wharton & Garrison |
7 |
4 |
2,342 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Latham & Watkins |
97 |
1 |
$23,460 |
| Cahill Gordon & Reindel |
88 |
2 |
23,901 |
| Cravath, Swaine & Moore |
51 |
3 |
13,513 |
| Shearman & Sterling |
41 |
4 |
14,191 |
| Simpson Thacher & Bartlett |
41 |
4 |
11,449 |
| Source: Thomson Financial.Includes publicly registered underwritten long-term offerings by U.S. corporations in 2002. |
Asset-Backed Securities
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Orrick, Herrington & Sutcliffe |
98 |
1 |
$38,046 |
| Thacher Proffitt & Wood |
95 |
2 |
40,243 |
| Sidley Austin Brown & Wood |
77 |
3 |
37,034 |
| McKee Nelson |
54 |
4 |
23,161 |
| Cadwalader, Wickersham & Taft |
47 |
5 |
14,878 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
283 |
1 |
$140,499 |
| McKee Nelson |
147 |
2 |
60,740 |
| Stroock & Stroock & Lavan |
145 |
3 |
77,592 |
| Orrick, Herrington & Sutcliffe |
119 |
4 |
46,396 |
| Cadwalader, Wickersham & Taft |
104 |
5 |
48,576 |
| Mayer, Brown, Rowe & Maw |
104 |
5 |
53,629 |
| Source: Thomson Financial. Includes offerings in 2002. |
Mortgage-Backed Securities
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Cadwalader, Wickersham & Taft |
104 |
1 |
$56,887 |
| Thacher Proffitt & Wood |
98 |
2 |
27,166 |
| Sidley Austin Brown & Wood |
87 |
3 |
42,427 |
| Orrick, Herrington & Sutcliffe |
73 |
4 |
49,718 |
| McKee Nelson |
34 |
5 |
14,789 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
243 |
1 |
$104,693 |
| McKee Nelson |
189 |
2 |
92,973 |
| Cadwalader, Wickersham & Taft |
152 |
3 |
78,727 |
| Stroock & Stroock & Lavan |
97 |
4 |
37,081 |
| Thacher Proffitt & Wood |
83 |
5 |
38,447 |
| Source: Thomson Financial. Includes commercial and residential mortgage-backed securities offered in 2002. |
Project Finance
| Firm |
Number of Financings |
Rank by Number of Financings 2002 |
Total Value
(in Millions) |
| Clifford Chance (U.K.) |
30 |
1 |
$6,365 |
| Allen & Overy (U.K.) |
29 |
2 |
7,651 |
| Linklaters (U.K.) |
26 |
3 |
2,583 |
| Allens Arthur Robinson (Australia) |
14 |
4 |
2,740 |
| Freshfields Bruckhaus Deringer (U.K.) |
14 |
4 |
4,641 |
| Milbank, Tweed, Hadley & McCloy (U.S.) |
14 |
4 |
2,159 |
| Shearman & Sterling (U.S.) |
14 |
4 |
3,359 |
| CMS Cameron McKenna (U.K.) |
13 |
8 |
633 |
| Latham & Watkins (U.S.) |
13 |
8 |
1,781 |
| White & Case (U.S.) |
13 |
8 |
2,826 |
| DLA (U.K.) |
12 |
11 |
300 |
| Freehills (Australia) |
12 |
11 |
3,055 |
| Norton Rose (U.K.) |
11 |
13 |
2,075 |
| Mallesons Stephen Jaques (Australia) |
10 |
14 |
1,472 |
| Data is based on deals closed between January 1, 2002, and December 31, 2002. Includes only nonrecourse and limited-recourse project financings arranged through commercial banks. Legal advisers involved in projects that have reached financial close are included in the league tables. Financial close is defined as the date on which the loan agreement between the borrower and the top-tier banks has been signed and the funds are available for drawdown. Total value is based on equal apportionment of the total project cost between each institution. |
| Source: Dealogic ProjectWare. |
Municipal Bonds
| Bond Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Chapman and Cutler |
551 |
1 |
$9,628 |
| Gilmore & Bell |
508 |
2 |
7,111 |
| Orrick, Herrington & Sutcliffe |
506 |
3 |
26,238 |
| Dorsey & Whitney |
445 |
4 |
4,331 |
| Hawkins Delafield & Wood |
409 |
5 |
45,469 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Orrick, Herrington & Sutcliffe |
207 |
1 |
$11,599 |
| Kutak Rock |
203 |
2 |
6,446 |
| Hawkins Delafield & Wood |
163 |
3 |
9,936 |
| Eichner & Norris |
144 |
4 |
1,374 |
| Ballard Spahr Andrews & Ingersoll |
115 |
5 |
4,635 |
| Source: Thomson Financial. Includes only long-term bond issues offered in 2002. |
| This chart was revised April 18, 2003. Due to incomplete data provided by Thomson Financial, Eichner & Norris was inadvertantly omitted from the chart that was originally published. |
REIT Equity
| Issuers' Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Hunton & Williams |
9 |
1 |
$656 |
| Ballard Spahr Andrews & Ingersoll |
5 |
2 |
236 |
| Hogan & Hartson |
5 |
2 |
605 |
| Kirkpatrick & Lockhart |
3 |
4 |
101 |
| Allen, Matkins, Leck, Gamble & Mallory |
2 |
5 |
154 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
19 |
1 |
$2,193 |
| Hunton & Williams |
18 |
2 |
1,143 |
| Clifford Chance |
17 |
3 |
2,800 |
| Skadden, Arps, Slate, Meagher & Flom |
8 |
4 |
1,964 |
| Sullivan & Cromwell |
7 |
5 |
1,078 |
| Source: Thomson Financial. Includes registered equity offerings in 2002 by real estate investment trusts, including IPOs and secondary offerings, within the U.S. marketplace. |
REIT Debt
| Issuer's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Latham & Watkins |
10 |
1 |
$1,100 |
| Hogan & Hartson |
8 |
2 |
1,804 |
| Goodwin Procter |
7 |
3 |
1,417 |
| Locke Liddell & Sapp |
7 |
3 |
411 |
| Sullivan & Worcester |
5 |
5 |
909 |
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| Underwriter's Counsel |
| Firm |
Number of Issues |
Rank by Number of Issues 2002 |
Proceeds
(in Millions) |
| Sidley Austin Brown & Wood |
44 |
1 |
$9,939 |
| Clifford Chance |
18 |
2 |
3,559 |
| Skadden, Arps, Slate, Meagher & Flom |
10 |
3 |
2,406 |
| Milbank Tweed Hadley & McCloy |
8 |
4 |
1,027 |
| Hogan & Hartson |
6 |
5 |
1,046 |
| Source: Thomson Financial. Includes registered debt offerings in 2002 by real estate investment trusts, including IPOs and secondary offerings, within the U.S. marketplace. |
Mutual Funds, by Client Net Assets
| Firm |
Net Assets of All Clients (in Millions) |
Rank by Net Assets of Clients (2002) |
| Kirkpatrick & Lockhart |
$842,592 |
1 |
| Ropes & Gray |
500,408 |
2 |
| Dechert |
328,391 |
3 |
| Morrison & Foerster |
223,124 |
4 |
| Dickstein Shapiro |
172,940 |
5 |
| Source: Lipper/Reuters |
Mutual Funds, by Number of New Issues
| Firm |
Number of New Issues |
Rank by Number of New Issues (2002) |
| Ropes & Gray |
70 |
1 |
| Dechert |
52 |
2 |
| Kirkpatrick & Lockhart |
50 |
3 |
| Bingham McCutchen |
40 |
4 |
| Sutherland Asbill |
38 |
5 |
| Based on new issues in 2002 that listed funds' counsel, or that listed funds' counsel on their Statement of Additional Information forms or on additional documentation. Includes issues by new funds and issues of new classes of shares by existing funds. One or more classes added to an existing fund are counted as one new issue. |
| Source: Lipper/Reuters. |
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| Methodology: Measuring the Top Corporate Practices |
| (The American Lawyer, April 2003) |
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